Ethereum Price Weekly Analysis: ETH/USD’s Uphill Task

Key Highlights

ETH price is trading in a positive zone above the $570 level against the US Dollar.

There is a major bearish trend line in place with resistance near $650 on the 4-hours chart of ETH/USD (data feed via Kraken).

The pair may perhaps move higher in the short term, but it could struggle to break the $650 resistance.

Ethereum price is moving in a broad range versus the US Dollar and Bitcoin. ETH/USD might gain traction to test a major hurdle near the $650 level.

Ethereum Price Resistance

This past week, ETH price traded once towards the $630 level against the US Dollar. However, the upside move was capped and the price remained in a range around the $600 level. Starting from the $505 swing low, the price managed to move above the 38.2% fib retracement level of the last decline from the $724 high to $505 low. However, the price always struggled to gain momentum above the $610, $615 and $630 levels.

There was also no close above the 50% fib retracement level of the last decline from the $724 high to $505 low. After a rejection from the $620-630 levels, the price started trading in a range. It dipped once towards the $580 level, where buyers emerged. It seems like the price is well supported on the downside above the $570 level. On the upside, there is a major bearish trend line in place with resistance near $650 on the 4-hours chart of ETH/USD. Therefore, if the price corrects higher in the short term, it may face major hurdles near the $630 and $650 levels.

The above chart indicates that the price mostly traded in a range around the $600 level. It might trade a few points higher, but an upside break above $650 won’t be easy.